Credit union accounts

creditcontroller

ahai1 wrote: »

How much do you think I can save with the credit union?

It depends on the total funds of the Credit Union, sorry, I can't remember the percentage figure. Should be several thousands unless your Credit Union is very small and only just established. Don't forget that they have a Money Laundering policy so if you do deposit large sums of money into your savings account they may ask you for information. This is not because they like to know people's business but they have to abide the rules and regulations of the FSA.

ahai1

Thank you for letting me know. From what I understand most of them are small and a very few of the bigger one's offer mortgages.

creditcontroller

ahai1 wrote: »

Thank you for letting me know. From what I understand most of them are small and a very few of the bigger one's offer mortgages.

A lot of Credit Unions are now merging so that resources can be pooled. The main common rule that all Credit Unions have is that you have to save for 3 months before you are able to borrow unless it's a case of an emergency or you are refered by the DWP. Start regular saving now if you want to borrow!

ahai1

It's good to hear that hopefully they will offer a better and a fuller range of products and complete against the banks.

choccyface2006

creditcontroller wrote: »

A lot of Credit Unions are now merging so that resources can be pooled. The main common rule that all Credit Unions have is that you have to save for 3 months before you are able to borrow unless it's a case of an emergency or you are refered by the DWP. Start regular saving now if you want to borrow!

I work at the Credit Union and at ours you can apply for a loan when you have been a member for 4 weeks and have saved regularly even if this has only been a few pounds a week

ahai1

I am going to use it as a savings account really. I don't have any plans to borrow. What I will do is put in the money when I have a bit extra coming in from for example survey sites and cashback sites. I wont be putting in money in a regular basis. I am doing this as I am an unhappy HSBC customer.

Extant

ahai1 wrote: »

It's good to hear that hopefully they will offer a better and a fuller range of products and complete against the banks.

Unlikely. Offering savings accounts is one thing, but trying to move into anything else requires MASSIVE amounts of capital. Plus, the industry infrastructure here is massively different compared to America, where credit unions flourish.

Take, for example, Coventry Building Society: they run out of HSBC, and they are massively bigger than any credit union you'll find. They don't even have their own sort code range.

That's a bit like being the kid at school that gets apple slices in their lunch box when everybody else got a Mars Bar.

get_me_out

I also work at the credit union, if you ask your local branch they will explain things for you.

In this day and age I would'nt trust any of the banks. Barclays took money from my account and handed it to someone else. A counter error cashier put wrong details on withdrawal slip. Only found out when I went for money at cashpoint and it not there. Took them a week to trace and sort it out!

Did you know that if you take your savings on an Argos card (not the credit one) you get 5% more at the tills in Argos. PLUS if you use it when the 10 gift voucher for spending 100 is on. You get 115 for your 100!!! How many banks can do that.

Bernard_Coleslaw

BarclaysManager wrote: »

Unlikely. Offering savings accounts is one thing, but trying to move into anything else requires MASSIVE amounts of capital.

So this Credit Union current account offering, with a debit card, standing orders and direct debits, is just Scotch mist, then?

Take, for example, Coventry Building Society: they run out of HSBC, and they are massively bigger than any credit union you'll find. They don't even have their own sort code range.

You're not wrong, but what difference does that make to customers? If an organisation can offer decent value for money and good service, surely that's what's more important?

So there's wonky coding on a website. Or, "shock horror", someone's only got an agency sort code. So what? A little less sneering might be in order I think.

choccyface2006

get_me_out wrote: »

I also work at the credit union, if you ask your local branch they will explain things for you.

In this day and age I would'nt trust any of the banks. Barclays took money from my account and handed it to someone else. A counter error cashier put wrong details on withdrawal slip. Only found out when I went for money at cashpoint and it not there. Took them a week to trace and sort it out!

Did you know that if you take your savings on an Argos card (not the credit one) you get 5% more at the tills in Argos. PLUS if you use it when the 10 gift voucher for spending 100 is on. You get 115 for your 100!!! How many banks can do that.

Hi M

I think this is a great idea, wonderful for Christmas shopping and even if people only join up to take advantage of this, hopefully they will start saving too and passing the message on.

Sarah x